Business EnvironmentChamber Updates

The Federal Budget and Business in NQ

8 October, 2020, Posted By tvlchamber

We were hoping that in the 2020 Federal Budget the Federal Government would recognise that businesses are looking to them to lead the way and use this unprecedented opportunity to rebuild, enable confidence and create a more resilient Australia.

Townsville Chamber is excited that this budget, as it stands, looks like the budget businesses need to build confidence, to take risks, and grow.  The government are encouraging business operators to invest in their operations, to borrow capital to take advantage of instant tax write-offs and employ more staff.  So it is good to see that the Federal Government is also leading by example and borrowing to stimulate the economy.

More money in the hands of business owners will create opportunities for businesses to take risks, to spend (locally), to reinvent themselves and to invest in and strengthen their business strategically to become more resilient.

The certainty of tax reforms and tax cuts means there are also more incentives for people to train and start apprenticeships, giving hope and opportunity for the future generations of Townsville businesses.

There has been some commentary around what generation will pay for these tax concessions to put some confidence back into business and the economy.  Interestingly Australia’s debt interest bill will benefit from the low rate our country (with its AAA credit rating) can borrow.  This rate is expected to drop from over 5%  to as low as 1.75%.  This will mean the countries interest bill is predicted to actually go down over the next 2 years.

It was fantastic to see nearly 200 people at PVW’s Budget Breakfast yesterday (pictured), thank-you PVW team for the insightful budget update and overview.

~ Ross

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